(Reuters) – U.S. drugmaker Pfizer raised its annual profit forecast on Tuesday, boosted by its new cancer treatments and sales of its heart disease drug.
The group also reported stronger-than-expected quarterly sales of its COVID-19 vaccines.
The company also said it expects full-year sales of $3.5 billion for its antiviral drug Paxlovid, which is used to treat high-risk COVID-19, up from its previous forecast of $3 billion.
The stock rose 2% in pre-market trading.
Quarterly sales of the Comirnaty vaccine, which Pfizer makes with German partner BioNTech, were $195 million and those of Paxlovid were $251 million, while analysts had expected $176 million and $247.7 million respectively, according to LSEG data.
Despite beating estimates, Pfizer, like its competitors, is facing a decline in sales of its COVID-19 vaccines and treatments.
The acquisition of Seagen in 2023 helped offset some of this decline, with Pfizer now focusing more on cancer treatments.
Pfizer’s heart disease treatment, sold under the brand names Vyndaqel and Vyndamax, posted quarterly sales of $1.32 billion, above analysts’ estimates of $1.12 billion.
Pfizer now expects full-year profit of $2.45 to $2.65 per share, compared with a previous forecast of $2.15 to $2.35 per share.
(Writing by Bhanvi Satija and Christy Santhosh in Bangalore and Michael Erman in New York; Edited by Kate Entringer)
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